Ambac Financial Group will not be filing its Form 10-K on or prior to March 31.
The company cited "significant events" that are described in its Form 8-K filed with the Securities Exchange Commission on March 25. Because of the said events, the insurance firm is revising its Form 10-K to address the effects of these events on its financial statements and disclosure.
Ambac expects that it will be filing its Form 10-K as soon as it has made all of the necessary revisions.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
